Maestrano Group PLC Maestrano wins Innovate UK grant (2999R)

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RNS Number : 2999R

Maestrano Group PLC

29 June 2020

29 June 2020

Maestrano Group PLC ("Maestrano" or the "Company" or the "Group")

Maestrano wins Innovate UK grant

Maestrano Group PLC (AIM: MNO), the machine learning platform for transport corridor asset monitoring, announces that it's wholly-owned subsidiary Corridor Technology Limited has been awarded a GBP50K grant under the Innovate UK "Business-led innovation in response to global disruption" competition.

The aim of this competition is to support UK registered businesses to focus on emerging or increasing needs of society and industries during and following the Covid-19 pandemic. By fast-tracking innovation, the UK will be better placed to maintain employment levels, a competitive position in global markets and make the UK more resilient to similar disruption.

The winning Corridor project is titled "Machine Learning to enable remote infrastructure inspection tools using new and existing imagery" and entails the development of a fully standardised imagery and video data review system to allow asset inspectors in road, rail and energy corridors to review remote condition monitoring data (RCM), output from Corridor's Machine Learning systems.

Nick Smith, Vice President Sales for Maestrano , said,

"This project will result in a new web-based review system which will simplify the presentation of results from our existing Machine Learning platform, enabling inspectors to do their work from any web-connected device and improve the accuracy and capacity of asset inspections."

Andrew Pearson, CEO of Maestrano, commented:

"Coming on the heels of our Network Rail/SBRI win, this project will further accelerate our product development for the UK and global rail network asset management industry. Although smaller in value, this grant will nevertheless result in a new and important capability for our platform. "

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

Maestrano Group plc

Andrew Pearson, CEO c/o Arden Partners

Grant Thornton (Nominated Adviser)

   Colin Aaronson / Jamie Barklem / Niall McDonald             [phone] 

Arden Partners (Broker)

   Ruari McGirr / Ciaran Walsh                                                    [phone] 

About Maestrano

Maestrano offers a patented cloud-based platform for master data management and business analytics, together with specialist hardware and software for capturing, analysing and reporting on large datasets within the transport sector, employing sophisticated machine learning algorithms.

Further information on the Company is available at: www.maestrano.com

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June 29, 2020 02:00 ET (06:00 GMT)